Circular CAMEX 1-1041: Foreign Exchange and Adjustments

"Año de la Reconstrucción de la Nación Argentina" "Año de la Reconstrucción de la Nación Argentina"

COMUNICACIÓN “A” 8226 11/04/2025

TO FINANCIAL ENTITIES,
TO EXCHANGE OPERATORS:
Ref.: Circular
CAMEX 1-1041:
Foreign Exchange and Changes. Adjustments.

---

We address you to inform you that this Institution has adopted the following resolution, effective from 14/04/25:

1. Establish that entities may grant access to the foreign exchange market to resident individuals, without prior approval from the Central Bank of the Argentine Republic, for the purchase of foreign currency banknotes for holding or for the establishment of deposits (concept codes A07 and A09), provided that all of the following requirements are met:

1.1. The transaction is processed with a debit to the client's account at local financial entities, or the use of local currency cash by the client does not exceed the equivalent of USD 100 (one hundred US dollars) in the calendar month across all entities and for all of the aforementioned concepts.
In the event that the client uses local currency cash, the selling entity must have a sworn declaration from the client stating that they comply with the aforementioned requirement.

1.2. The selling entity must deliver the foreign currency banknotes or credit the funds to a foreign currency account owned by the client at local financial entities or to a bank account owned by the client abroad, as applicable.

1.3. The entity has registered the transaction in the online system implemented for this purpose by the Central Bank of the Argentine Republic.

1.4. In all cases, the entity must obtain evidence that the client possesses income and/or assets consistent with the foreign currency savings.

2. Nullify the deductions provided for in point 3.8.1. of the consolidated text on Foreign Exchange and Changes and the provisions in points 3.8.3. to 3.8.12. and 3.9. of the aforementioned regulation.

3. Exempt from the provisions of point 4.3.2. of the consolidated text on Foreign Exchange and Changes, securities purchase and sale transactions carried out by resident individuals with settlement in foreign currency.

-2-

4. Exempt transactions for foreign exchange outflows carried out by resident individuals from the requirements provided for in points 3.16.3.1 and 3.16.3.2. of the consolidated text on Foreign Exchange and Changes, related to the carrying out of transactions with securities, and nullify subpoints b) and c) of point 2.2.2.1. iv) of the consolidated text on Foreign Exchange and Changes.

5. Establish that operations carried out until 11/04/25 shall not be taken into account in the preparation of the sworn declarations required in points 3.16.3.1. and 3.16.3.4 of the consolidated text on Foreign Exchange and Changes.

6. Establish that entities may grant access to the foreign exchange market for their clients to remit foreign currency abroad for profits and dividends to non-resident shareholders within the framework of point 3.4. of the consolidated text on Foreign Exchange and Changes, when these correspond to distributable profits obtained from earnings realized in regular and audited annual financial statements of fiscal years starting from 01/01/25.

7. Establish that the deadline provided for in point 10.10.1. of the consolidated text on Foreign Exchange and Changes for imports of all types of goods officialized from 14/04/25 shall be 0 (zero) calendar days from the date of customs entry registration.

8. Incorporate into point 10.10.2. of the consolidated text on Foreign Exchange and Changes, which details import transactions for goods that can be paid before the deadlines provided for in point 10.10.1., the following:

“10.10.2.X. Sight payments for imports of goods processed by individuals or legal entities classified as Small and Medium-sized Enterprises (SMEs) according to the provisions of the regulations on ‘Determination of the status of micro, small, and medium-sized enterprises’, provided that the goods have been shipped from origin from 14/04/25 and the tariff positions of the goods do not correspond to those included in point 12.1.”

9. Replace point 10.10.2.10. of the consolidated text on Foreign Exchange and Changes, referring to payments for imports of capital goods with pending customs registration, with the following:

“10.10.2.10. Payments for imports of capital goods with pending customs entry registration, provided that:

i) the sum of advance payments processed under this point does not exceed 30% (thirty percent) of the FOB value of the goods to be imported;

ii) the sum of advance, sight, and commercial debt payments without customs entry registration processed under this point does not exceed 80% (eighty percent) of the FOB value of the goods to be imported;

iii) the tariff positions of the goods to be imported do not correspond to those included in point 12.1.”

-3-

10. Establish that all services provided or accrued from 14/04/25 that are not included in points 13.2.1. to 13.2.3. of the consolidated text on Foreign Exchange and Changes and that are provided by a counterparty not affiliated with the resident, may be credited from the date of service provision or accrual, provided that the remaining applicable regulatory requirements are verified.

11. Establish that all services provided or accrued from 14/04/25 that are not included in points 13.2.1. to 13.2.3. of the consolidated text on Foreign Exchange and Changes and that are provided by a counterparty affiliated with the resident, may be credited once 90 (ninety) calendar days have elapsed from the date of service provision or accrual, provided that the remaining applicable regulatory requirements are verified.

12. Nullify the provisions of point 10.6.7. of the consolidated text on Foreign Exchange and Changes.

Furthermore, we inform you that we will subsequently send you the forms that, in replacement of those previously provided, should be incorporated into the reference regulations.

We salute you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Oscar C. Marchelletta Marina Ongaro

Main Manager of
Foreign Exchange and Changes

General Manager of
Financial Regulation